According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- MT5
- FSCA
- 2020
Our Evaluation of IFX Brokers
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
IFX Brokers is a moderate-risk broker with the TU Overall Score of 5.64 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IFX Brokers clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
IFX Brokers is suitable for starting on Forex, as well as for permanent trading with floating spreads and market execution. The regulator’s license confirms its reliability. The choice of assets and account types is aimed at satisfying the needs of any trader.
Brief Look at IFX Brokers
IFX Brokers is a Forex broker that offers trading cryptocurrencies, metals, and CFDs on indices and commodities. The company was registered in South Africa in 2018. It is licensed by FSCA (Financial Services Conduct Authority). IFX Brokers provides services to traders from 180 countries and offers a wide range of trading accounts with varying conditions, high leverage, and access to mobile and desktop MetaTrader platforms.
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- Minimum deposit is $10 or its equivalent;
- This broker is licensed by the South African regulator;
- Large choice of account types;
- Leverage is up to 1:1000 for retail and professional traders;
- 60 currency pairs are available;
- Account currencies are USD, EUR, GBP, and ZAR;
- Any trading strategy (except for arbitrage in any form) is allowed.
- Spreads are higher than those of other Forex brokers;
- No educational materials, market reviews, analytics, or trading calculators on the website;
- Contacting support in live chat and instant messengers is not available.
TU Expert Advice
Financial expert and analyst at Traders Union
This broker offers account types for novice and experienced traders and professionals. Cent and Standard accounts allow you to trade with a small margin on spread but without additional fees. They provide access to various bonuses that IFX Brokers offers from time to time. The company also has a permanent bonus program that provides 50% of each deposit. Only the Standard account can participate in it. For experienced traders who trade on Premium and VIP accounts, bonuses are not available.
Since IFX Brokers is registered in South Africa, deposits and withdrawals are made in ZAR. This can be considered a disadvantage for clients from other countries, as they face additional costs when converting rands into other currencies. This broker does not charge fees for depositing and withdrawing funds, as well as transferring money to different accounts within the same user account.
Among the disadvantages are a lack of full-fledged training, up-to-date analytics, and live chat for prompt communication with support. IFX Brokers’ clients are not allowed to trade CFDs on stocks. Moreover, the choice of assets for MT5 users is limited. This broker offers only 5 cryptocurrencies and not the most popular ones. However, the choice of currency pairs is quite diverse, so the Forex specialization is obvious.
IFX Brokers Trading Conditions
| 💻 Trading platform: | МТ4 and МТ5 |
|---|---|
| 📊 Accounts: | Demo MT4, Demo MT5, Cent, Standard, Premium, VIP, and Islamic |
| 💰 Account currency: | USD, EUR, GBP, and ZAR |
| 💵 Deposit / Withdrawal: | OZOW, Payfast, Mastercard and Visa (via Payfast), wire transfer, Skrill, Neteller, Bitcoin, Ethereum, Tether, and Ripple |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:1000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | pips |
| 🔧 Instruments: | Forex, metals, indices, commodities, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | Cent, Standard, and Islamic — 50%/30%; Premium — 60%/20%; and VIP — 40%/10% |
| 🏛 Liquidity provider: | Over-the-counter (OTC) providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | Trading conditions are suitable for all strategies |
| 🎁 Contests and bonuses: | Deposit bonuses |
IFX Brokers provides access to trading more than 200 financial instruments on MetaTrader platforms. The maximum trading leverage for the Cent account is 1:1000, and for the others, it is 1:500. All account types except Cent can be opened in USD, EUR, GBP, and ZAR. The Cent account currency is in U.S. cents. This broker offers market execution. Bonuses are available to holders of Cent, Standard, and Islamic accounts, but deposit bonuses are only available on Standard.
IFX Brokers Key Parameters Evaluation
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Trading Account Opening
Registration of a user account on the IFX Brokers website is a standard procedure that takes no more than 10 minutes. The registration steps are as follows:
Click the “Start Trading” button on this broker’s website.
Enter your personal information, phone number, and email address. Also, specify your country of residence, create a password, and select the wallet currency for your IFX Brokers’ user account. Then follow the link that will come to the email specified during registration to confirm it.
Features of IFX Brokers’ user account:
Additional features of the user account:
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Real-time transfer of funds from a wallet to trading accounts and vice versa;
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Ticket system for instant support;
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Useful tools, such as economic calendar, market review, and trading platform installation files;
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Change the leverage;
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User account history: free/used margin on current positions, balance and equity, and reports on withdrawals and deposits;
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Edit personal data.
Regulation and safety
IFX Brokers has a safety score of 6.3/10, which corresponds to a Medium security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Negative balance protection
- Not tier-1 regulated
- Track record of less than 8 years
IFX Brokers Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 FSCA SA |
Financial Sector Conduct Authority of South Africa | South Africa | No specific fund | Tier-2 |
IFX Brokers Security Factors
| Foundation date | 2020 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker IFX Brokers have been analyzed and rated as Low with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of IFX Brokers with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, IFX Brokers’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
IFX Brokers Standard spreads
| IFX Brokers | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,5 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,1 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,5 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,6 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
IFX Brokers RAW/ECN spreads
| IFX Brokers | Pepperstone | OANDA | |
| Commission ($ per lot) | 3 | 3,5 | |
| EUR/USD avg spread | 0,1 | 0,15 | |
| GBP/USD avg spread | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with IFX Brokers. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
IFX Brokers Non-Trading Fees
| IFX Brokers | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
IFX Brokers offers 5 live account types. The Cent account can only be opened in MT5; whereas, others can be opened both in MT5 and MT4. Accounts differ in deposit, leverage, spreads, and trading fees. Each user account can have one account of each type in 4 currencies.
Account types:
If traders are not ready to invest real money in Forex and want to practice trading with virtual funds, they can open a demo account.
Each IFX Brokers’ client can have up to 36 trading accounts in different currencies and platforms, which provides for effectively using each of them for specific strategies and purposes. Leverage is dynamic, which helps traders reduce or increase risks, and hence their potential profit.
Deposit and withdrawal
IFX Brokers received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
IFX Brokers provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- BTC available as a base account currency
- Bitcoin (BTC) accepted
- USDT (Tether) supported
- Bank card deposits and withdrawals
- Only major base currencies available
- PayPal not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
What are IFX Brokers deposit and withdrawal options?
IFX Brokers provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller, BTC, USDT, Ethereum.
IFX Brokers Deposit and Withdrawal Methods vs Competitors
| IFX Brokers | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are IFX Brokers base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. IFX Brokers supports the following base account currencies:
What are IFX Brokers's minimum deposit and withdrawal amounts?
The minimum deposit on IFX Brokers is $10, while the minimum withdrawal amount is $50 ZAR. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact IFX Brokers’s support team.
Markets and tradable assets
IFX Brokers offers a limited selection of trading assets compared to the market average. The platform supports 200 assets in total, including 55 Forex pairs.
- Copy trading platform
- Indices trading
- 55 supported currency pairs
- Bonds not available
- Futures not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by IFX Brokers with its competitors, making it easier for you to find the perfect fit.
| IFX Brokers | Plus500 | Pepperstone | |
| Currency pairs | 55 | 60 | 90 |
| Total tradable assets | 200 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products IFX Brokers offers for beginner traders and investors who prefer not to engage in active trading.
| IFX Brokers | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
Technical support is available 24/5. Communication is possible in 30 languages.
Advantages
- Technical support is multilingual
- Quick responses to tickets in the user account
Disadvantages
- No live chat on the website and in the user account
- Contacting the company via instant messengers and social networks is not available
To contact IFX Brokers, use the following channels:
phone (a single number is indicated in the Contact section of the website);
email;
tickets in the user account.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | IFX Brokers Holdings (Pty) Ltd, 79 Da Gama Road, Jeffreys Bay, South Africa |
| Regulation | FSCA |
| Official site | https://ifxbrokers.com/ |
| Contacts |
+27 87 944 7273
|
Education
To discover the basics of the Forex market, the company offers the FAQs section. It cannot be considered a full-fledged teaching tool, since each question comprises only a few sentences. In general, the IFX Brokers website is not designed for in-depth study.
To learn to trade, it is necessary to incorporate theory and practice. A demo account is great for practicing in the real market without losing money.
Comparison of IFX Brokers with other Brokers
| IFX Brokers | Eightcap | XM Group | RoboForex | Pocket Option | FxPro | |
| Trading platform |
MT4, MT5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | MT4, MobileTrading, MT5, cTrader, FxPro Edge |
| Min deposit | $10 | $100 | $5 | $10 | $5 | $100 |
| Leverage |
From 1:1 to 1:1000 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 1.3 point | From 0 points | From 0.8 points | From 0 points | From 1.2 point | From 0 points |
| Level of margin call / stop out |
50% / 30% | 80% / 50% | 100% / 50% | 60% / 40% | 30% / 50% | 25% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | No |
Detailed review of IFX Brokers
IFX Brokers is a full-fledged STP broker that offers profitable conditions to traders using any trading style. Its clients are scalpers, traders who trade news, and those who use Swing Trading or Day Trading strategies. Direct STP processing means that all client trades are directly transferred to multiple verified OTC liquidity providers. IFX Brokers’ trading servers are linked to the Equinix data center in London, which minimizes execution delays.
IFX Brokers by the numbers:
Approximately 99% of orders placed by clients are executed at the requested price;
5+ years of experience in financial markets;
This broker processes about 500,000 trades within 1 ms;
Average order execution speed is 2.5 ms.
IFX Brokers is a broker for trading in the foreign exchange and CFD markets
The range of assets available for trading depends on the trading platform chosen by a trader. This broker offers MetaTrader 4 and MetaTrader 5, which are compatible with Windows, Mac OS, iPhone, iPad, and Android. There are 70 currency pairs and 12 commodities for MT4 and MT5, as well as 11 stock indices for MT4. Among them are the most traded indices of Australia, France, Germany, Spain, Japan, and Great Britain. However, Nasdaq and S&P 500 indices are only available in the Mini format. Also, in MT4 you can trade BTC/USD, XET/USD, XBN/USD, XLC/USD, and XRP/USD mixed pairs.
If a client completes the registration form correctly and attaches all the necessary documents, verification and approval of the user account takes up to 8 working hours from Monday to Friday. Funds are credited instantly (except for bank transfers), so you can start trading within 1-2 days of opening an account.
Useful services offered by IFX Brokers:
Economic calendar. This is a list of the most important events for traders and investors that can be used when conducting market analysis;
Trading hours. Here the working hours of different markets such as Forex, metals, soft goods, indices, and energies, and a technical break in trading are indicated;
Blog. It provides reviews of IFX Brokers as compared to other Forex brokers. With the help of convenient tables, you can compare regulation, the range of trading assets, fees, platform features, etc.;
FAQs. This block is for traders who are interested in trading and trading conditions of IFX Brokers.
Advantages:
No hidden trading or non-trading fees, as all information is provided on the IFX Brokers official website;
Copy trading, algorithmic trading, scalping, and hedging are allowed;
Swap-free Islamic accounts that allow Muslim traders to trade in accordance with Shariah requirements are available;
The company has partnered with Equinix to achieve high-speed execution with minimal delays;
IFX Brokers provides for executing cryptocurrency transactions and trading digital assets with leverage.
This broker's clients trade with floating spreads. This allows traders to effectively maneuver between tight spreads in a stable market situation and high potential profits in high volatility.
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